NSB-Group Presentation of annual report 2011

Transcription

1 NSB-Group Presentation of annual report 2011

2 Contents Development NSB-Group Business segments Financial development Future challenges

3 NSB-Group 2012 NSB- Group NSB AS Nettbuss AS CargoNet AS Rom Eiendom AS Mantena AS* Supportfunctions Passenger train operations in Norway and Sweden Bus operations in Norway, Sweden and Denmark Freight operations on rail in Norway and Sweden Development and management of real estate Train maintenance in Norway and Sweden Cleaning service on trains, IT-service and insurance Revenue MNOK Man years Revenue MNOK Man years Revenue MNOK Man years 799 Revenue 808 MNOK Man years 84 Revenue Man years 882 Revenue 298 Man years 249 Inclusive: NSB Passenger Train NSB Gjøvikbanen AS Svenska Tågkompaniet AB Support functions: NSB Trafikkservice AS Arrive AS Finse forsikring AS *Included in support functions in 2011

4 Development NSB-Group in 2011 MNOK Operating revenue EBIT EBT Net cash flow from operations ROE % -1,9 % 3,8 % Equity ratio (%) 33 % 35 % Net interest bearing debt Improved profit in the passenger train operations Reduced profit in the bus operations Reduced operating result in the freight operations Negative fair value changes on interest rate swaps of 220 MNOK

5 Contents Development NSB-Group Business segments Financial development Future challenges

6 Passenger train operations MNOK Number of travels (mill., in Norway) 52,5 51,7 Operating revenue EBIT Increased number of travels and increased public purchase of train services Reduced costs due to less deviations during the winter Assets Investments Operating revenue in MNOK and EBIT as a percentage of operating revenue 6 The passenger train operations consists of NSB AS and the subsidiaries NSB Gjøvikbanen AS and Svenska Tågkompaniet AB

7 Improved customer satisfaction, but punctuality is still less than the goal of 9o % 91,0 90,0 89,0 88,0 87,0 86,0 85,0 84,0 83,0 82,0 81,0 Punctuality in % Goal 90 % Major improvement in punctuality due to more available trains, better winter preparedness and improved infrastructure around Oslo. 75,00 70,00 65,00 60,00 55,00 50,00 Customer satisfaction in % Customer satisfaction for the Norwegian passenger train operations shows an improvement to 63 (61) for local trains and 72 (72) for regional trains. 7 The passenger train operations consists of NSB AS and the subsidiaries NSB Gjøvikbanen AS and Svenska Tågkompaniet AB

8 Bus operations MNOK Number of passengers (mill.) Operating revenue Reduced EBIT in the bus operations due to increased operating costs EBIT Assets Investments Operating revenue in MNOK and EBIT as a percentage of operating revenue 8 The bus operations consists of the Netbuss-Group

9 Improved market development for the Nettbuss-Group in 2011 Increased customer satisfaction for the express routes Product TIMEkspressen Bus4You in Sweden GoByBus in Sweden NOR-WAY operated by Nettbuss Total (weighted average) Tenders, by no. of buses in 2011 Of which own routes Net increase Country Submitted Won Lost Won Lost Total Norge Sverige Danmark Total The bus operations consists of the Netbuss-Group

10 Freight operations MNOK Number of transported TEUs (1 000) Operating revenue EBIT Assets Investments Reduced volume and cost increases due to reduced punctuality and prolonged closures of railway lines Restructuring of the operations, and closure of inland freight traffic in Sweden. Operating revenue in MNOK and EBIT as a percentage of operating revenue 10 The freight operations consists of the CargoNet-Group

11 Freight operations: 246 trains had to be cancelled in 2011 due to unforeseen events. In addition 200 trains were cancelled due to planned work on the infrastructure. Lost revenue due to cancellations is estimated to ca. 80 TNOK per train. Deviations costs come in addition. 11 The freight operations consists of the CargoNet-Group

12 Real estate operations MNOK Rental revenue Gain on sale of assets Marginally reduced rental revenue and gain on sale of assets. Sum operating revenue EBIT Assets Investments* Operating revenue in MNOK and EBIT as a percentage of operating revenue *Investments in non-current assets. Investments in development property for sale which is treated as current assets comes in addition. The increase in development property for sale was MNOK in The real estate operations consists of the Rom Eiendom-Group

13 The real estate operations develops the real estate properties to strengthen the NSB-Group The real state operations has also in 2011 experienced a positive increase in property values. A high occupancy rate (economic value adjusted) but with somewhat decreased occupancy for smaller buildings. 13 The real estate operations consists of the Rom Eiendom-Group

14 Support functions MNOK Operating revenue EBIT Assets Investments The major part of operating revenue comes from the maintenance company Mantena, which delivers maintenance of trains both in Norway and Sweden. The Mantena-Group will be treated as a separate business operation in the 2012 accounts. Reduced EBIT due to reduced margins in Mantena and Finse Forsikring. 14 Included in Support functions are the workshop and maintenance companies Mantena-Group, NSB Trafikkservice AS, as well as administrative support functions through Finse Forsikring AS and Arrive AS.

15 Contents Development NSB-Group Business segments Financial development Future challenges

16 NSB-Group: Operating revenue, EBIT og EBT 10,3 % increase in operating revenue mainly due to growth in the passenger train and bus operations. Reduced EBIT mainly due to increased loss in the freight operations Negative fair value changes on interest rate swaps of 220 MNOK

17 NSB-Group balance sheet (MNOK) Assets Major investment in 2011 in development properties for sale. These properties are booked as current assets. Equity and liabilities The Group short term liabilities are MNOK, of which 0,2 (1 200) MNOK are current borrowings due for repayment in Long term liabilities include retirement benefit obligations and deferred income tax liabilities of (1 500) MNOK.

18 Net interest bearing debt and net financial items (Net financial items are affected by unrealised fair value changes without cash effect) Long term rating from Standard & Poor s is AAand Moody s Aa2 18 NSB-Group Increase in net interest bearing debt due to increased investments mainly in the passenger train, bus and real estate operations Increased net financial items due to higher net interest bearing debt and higher financial expenses (including duration) Changes in long term interest rate affects financial items A major reduction in long term interest rate second half of the year Development of long term interest rate relative to fixed interest rate agreements leads to negative fair value changes The fair value changes do not have cash effect Effective interest rate on borrowings is 4,03 % p.a. (3,58)

19 Reduced return on equity and equity ratio Negative return on equity in Return on equity adjusted for unrealised fair value changes is about 1 %. 60 % 40 % 51,3 % 49,9 % 48,0 % Increased borrowings to fund investments 20 % ,6 % 36,8 % 35,0 % 32,5 % % 0 Borrowings at nominal value Equity ratio 19 NSB-Group

20 Cash flow 2011 in MNOK Nett cash flow from From investment activities operational act Cash and bank deposits From financing activities Cash and bank deposits Net cash flow from operational activities is at the same level as the year before

21 Contents Development NSB-Group Business segments Financial development Future challenges

22 Development in 2012 NSB-Group Improved train offer in Norway, increased bus activity, especially in western Norway, and high activity in the real estate operations. Issued new bonds in NOK for the total of MNOK in January 2012 with a duration of up to 15 years with good condtions. Passenger train 50 new trains will be introduced in 2012 and Agreement with the state for public purchase of passenger train services for the period Total value of the agreement is MNOK. New route model will be introduced 2012 and Freight Major restructuring in Closure of inland operations in Sweden. Maintenance of trains transferred to Mantena. Bus Won new and existing traffic in Gjøvik, Sør- Trøndelag, Hamar and Bergen Vest. 51 % of the shares in the Fjord1 bus activity is bought with effect from January 1st Real estate Part owned Oslo S Utvikling has in January 2012 signed an agreement to sell the three DNB-buildings in Bjørvika in Oslo, square meters, for a total price of MNOK.

23 Future expectations for the NSB-Group NSB-Group We expect a major increase in demand for public transport to/from city areas. This requires increased capacity for train and bus transport, as well as development of public transport hubs. The national transport plan should show the way forward. Passenger train A major increase in the offer in December 2012 and December Important requirements for future growth: The Follo tunnel Oslo-Ski Double tracks in the Intercity triangle High speed trains in Norway Freight Increasing demand but also increased competition An urgent need for measures to reduce track closures (landslides, flooding etc) Bus Tenders on route contracts. Development of the express bus offer. Real estate Increased demand for development of public transport hubs and central city property. Development and management of properties needed for railway activities. Development in Bjørvika and on the northern side of Oslo Central Station.

24 Financial calendar 2012 Board meeting: Result: Interim report as of april Interim report as of august 2012 February 2013 Annual report 2012

25 Attachments Income statement and balance sheet for the NSB-Group Segment results Link to the annual report

26 NSB-Group: Income statement NSB Group MNOK Operating revenue Payroll and related expenses Other operating expenses Depreciation and impairment Total operating expenses Operating profit Net financial items Profit before income tax Income tax expense Profit for the year NSB-Group

27 NSB-Group: Balance sheet MNOK NSB Group 31. Dec Dec Dec Dec Dec.07 Tangible/intangible fixed assets Other non-current assets Total non-current assets Cash and other financial assets Other currrent assets Total current assets Total assets Shares and retained earnings Non-controlling interest Total equity Borrowings Other long term liabilities Total long term liabilities Short term liabilities Total equity and liabilities NSB-Group

28 Passenger train Passenger train MNOK Operating income % % % % % Operating expenses % % % % % Depreciations and impair % % % % % EBIT % % 24 1 % 48 1 % % Assets Investments The passenger train operations consists of NSB AS and the subsidiaries NSB Gjøvikbanen AS and Svenska Tågkompaniet AB

29 Bus Bus MNOK Operating income % % % % % Operating expenses % % % % % Depreciations and impair % % % % % EBIT 85 2 % % % % % Assets Investments The bus operations consists of the Netbuss-Group

30 Freight Freight MNOK Operating income % % % % % Operating expenses % % % % % Depreciations and impair % 88 6 % 99 7 % 89 5 % 77 5 % EBIT % % % % 29 2 % Assets Investments The freight operations consists of the CargoNet-Group

31 Real estate Real estate MNOK Operating income % % % % % Operating expenses % % % % % Depreciations and impair % % % % 93,3 12 % EBIT % % % % 338,5 43 % Assets Investments* * Investments in non-current assets. Investments in development property for sale which is treated as current assets comes in addition. The increase in development property for sale was MNOK in The real estate operations consists of the Rom Eiendom-Group

32 Support functions Support functions MNOK Operating income % % % % % Operating expenses % % % % % Depreciations and impair % 37,3 2 % 36 3 % 38 3 % 45,0 4 % EBIT 26 2 % 99 6 % 41 3 % 40 3 % 24,0 2 % Assets Investments Included in Support functions are the workshop and maintenance companies Mantena-Group, NSB Trafikkservice AS, as well as administrative support functions through Finse Forsikring AS and Arrive AS.